In a recent speech, Jonathan Davidson — the FCA’s outgoing executive director of supervision — discussed the topic of “purposeful culture.” Davidson noted that firms tend to communicate ‘what’ they are trying to achieve but don’t often talk about ‘why’, explicitly calls out the values behind what they are doing. He argues that there are four key components to integrating purpose into your company culture:
1. A clear roadmap
Your employees need to know: what is your business trying to achieve, and how may each individual contribute towards reaching that goal?
2. A sense of belonging
Particularly with remote working on the rise, it’s all too easy for virtual workers to feel disconnected from the organizations for which they work. Leaders must ensure that employees have a sense of community and feel heard.
3. Meaningful work
Human beings require and seek meaning in their life and work. As such, successful organizations will invest in a comprehensive training and competency framework designed to help their staff thrive.
4. Psychological safety
Across a firm, teams must work to cultivate a climate in which individuals feel free to express themselves openly, and are comfortable challenging decisions and behaviours that they think may be amiss.
Taken together, these elements will work to unite a workforce in support of company goals. Davidson will speak to these issues in a piece he has kindly offered to contribute for inclusion in Starling’s 2021 Compendium. Click here to be put on the waiting list and we’ll be sure to let you know when the report is available.